Why Litecoin's Riding High
08 Febrero 2019 - 11:10AM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
February 08, 2019 -- ADVFN Crypto NewsWire -- Over the course of
the history of the crypto market, Litecoin has been termed the
silver to Bitcoin’s gold. Until recently, its’ long-term price
movements seemed to corroborate such a strong correlation between
the two crypto assets. Because Litecoin looks to have been recently
moving against this trend, the reasons behind its’ current surge
bear a bit of explaining.
According to a report today from
CoinDesk, Litecoin had risen 12.7% in 24-hours at 11 a.m. UTC. As
of about 2:30 UTC, however, Litecoin was up 12.97% by the same
measurement, indicating that its’ rise might continue for a longer
period of time. At this point, judging by CoinDesk’s article and
various social media posts on the subject, the question on the tip
of everyone’s tongues is: why?
The CoinDesk piece begins by
admitting that recently, no striking reasons for this rise had come
to light. Simultaneously, the writer speculates that Litecoin’s
short-term bullish trend could logically have to do with the fact
that the Litecoin Foundation is in talks to implement the
Mimblewimble protocol across the network.
If you’re not familiar with
Mimblewimble, first keep in mind that the Litecoin network is
currently a public blockchain network. All transactions can
theoretically be tracked. If the Litecoin development community
were to implement the Mimblewimble protocol, then it is possible
that the network would be able to allow its’ users to choose
between sending a transaction publicly or privately. Considering
this, to understand Mimblewimble, all you really need to understand
is the difference between a network protocol that facilitates
public transactions and a network protocol that facilitates private
transactions. In other words, Mimblewimble is akin to the zk-Snarks
protocol, which allows the Zcash network to remain
private.
Whether or to this news is directly
affecting Litecoin’s price at all in the short-term, it is possible
that a larger price movement could occur if and when Mimblewimble
is fully assimilated into the network. While none of this is direct
financial advice, the reason for this possibility is simple. In the
blockchain world, the technical features represent one of the chief
indicator’s of a network’s true value.
By: BGN Editorial Staff
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